The ATO has released the key superannuation rates and thresholds for 2018-19. The rates apply to contributions and benefits, employment termination payments, super guarantee and co-contributions and include the following:
1. Concessional contributions cap
From 1 July 2017 the general contributions cap is $25,000 and is indexed in line with average weekly ordinary time earnings (AWOTE), in increments of $2,500 (rounded down). From the 2017-18 financial year, the general concessional contributions cap is not calculated based on age.
2. Non-concessional contributions cap
The non-concessional contributions cap is $100,000.
People aged under 65 years may be able to make non-concessional contributions of up to 3 times of the annual non-concessional contributions cap over a three-year period. This is known as the “bring forward” option.
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